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Posted by Don Tiberone on August 7, 2008, 9:01 pm
Commodity Stock Decline `Insane,' JPMorgan's Henderson Says
By John Dawson and Brett Foley
Aug. 7 (Bloomberg) -- Mining and oil stocks offer
``bargains'' for investors after a ``completely insane'' slump
in the past month, said Ian Henderson, who manages $7 billion in
natural-resource assets at JPMorgan Chase & Co.
``This huge correction we have seen in the past four weeks
in resource companies really is completely irrational,''
Henderson, who has invested in natural-resource stocks for 30
years, said today in an interview with Bloomberg Television in
London. ``It's true we have something of a slowdown in the U.S.,
but the actual price moves themselves are completely insane.''
Oil and metals producers followed commodity prices lower on
concern that slowing global economic growth will curb demand.
Still, Xstrata Plc, the world's fourth-largest copper producer,
said yesterday prices will be supported by Asian demand and
supply disruptions.
It's ``astonishing'' that equity analysts are basing their
valuations on a long-term copper price of about $1.70 a pound
($3,748 a metric ton) and oil at $65 a barrel, Henderson said.
Copper for delivery in three months on the London Metal Exchange
was at $7,698 a ton as of 12:33 p.m. and oil in New York was at
$120.80 a barrel.
The Bloomberg Metals & Mining Index, which tracks 13
companies, dropped 8.9 percent in the past month while the FTSE
350 Oil & Gas Index, which tracks 16 producers, fell 11 percent.
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Posted by FrediFizzx on August 7, 2008, 9:50 pm
I agree. I think some of this decline was due to shorts having to
cover when pulling off the banks. They had to sell off some of their
good long stuff (energy and materials) to cover. But it doesn't
explain all of it. But the market was in broad decline anywise and no
new money has been coming in. So things are shifting around the
sectors. The big question now is are energy and materials going lower
or are we at or near a bottom already? My buy trigger finger is
gettin' ichy. LOL! I already went in for a small piece of EWC. I'm
lookin' at more CGMFX, MOO and maybe adding some XLE here in the near
future. Pull up those three in a YTD chart and they are amazingly
correlated. EWC fits their pattern somewhat also.
Fred
> Commodity Stock Decline `Insane,' JPMorgan's Henderson Says
>
>
> By John Dawson and Brett Foley
> Aug. 7 (Bloomberg) -- Mining and oil stocks offer
> ``bargains'' for investors after a ``completely insane'' slump
> in the past month, said Ian Henderson, who manages $7 billion in
> natural-resource assets at JPMorgan Chase & Co.
> ``This huge correction we have seen in the past four weeks
> in resource companies really is completely irrational,''
> Henderson, who has invested in natural-resource stocks for 30
> years, said today in an interview with Bloomberg Television in
> London. ``It's true we have something of a slowdown in the U.S.,
> but the actual price moves themselves are completely insane.''
> Oil and metals producers followed commodity prices lower on
> concern that slowing global economic growth will curb demand.
> Still, Xstrata Plc, the world's fourth-largest copper producer,
> said yesterday prices will be supported by Asian demand and
> supply disruptions.
> It's ``astonishing'' that equity analysts are basing their
> valuations on a long-term copper price of about $1.70 a pound
> ($3,748 a metric ton) and oil at $65 a barrel, Henderson said.
> Copper for delivery in three months on the London Metal Exchange
> was at $7,698 a ton as of 12:33 p.m. and oil in New York was at
> $120.80 a barrel.
> The Bloomberg Metals & Mining Index, which tracks 13
> companies, dropped 8.9 percent in the past month while the FTSE
> 350 Oil & Gas Index, which tracks 16 producers, fell 11 percent.
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Posted by phil scott on August 7, 2008, 11:41 pm
> Commodity Stock Decline `Insane,' JPMorgan's Henderson Says
>
> By John Dawson and Brett Foley
> =A0 =A0 =A0Aug. 7 (Bloomberg) -- Mining and oil stocks offer
> ``bargains'' for investors after a ``completely insane'' slump
> in the past month, said Ian Henderson, who manages $7 billion in
> natural-resource assets at JPMorgan Chase & Co.
> =A0 =A0 =A0``This huge correction we have seen in the past four weeks
> in resource companies really is completely irrational,''
> Henderson, who has invested in natural-resource stocks for 30
> years, said today in an interview with Bloomberg Television in
> London. ``It's true we have something of a slowdown in the U.S.,
> but the actual price moves themselves are completely insane.''
> =A0 =A0 =A0Oil and metals producers followed commodity prices lower on
> concern that slowing global economic growth will curb demand.
> Still, Xstrata Plc, the world's fourth-largest copper producer,
> said yesterday prices will be supported by Asian demand and
> supply disruptions.
> =A0 =A0 =A0It's ``astonishing'' that equity analysts are basing their
> valuations on a long-term copper price of about $1.70 a pound
> ($3,748 a metric ton) and oil at $65 a barrel, Henderson said.
> Copper for delivery in three months on the London Metal Exchange
> was at $7,698 a ton as of 12:33 p.m. and oil in New York was at
> $120.80 a barrel.
> =A0 =A0 =A0The Bloomberg Metals & Mining Index, which tracks 13
> companies, dropped 8.9 percent in the past month while the FTSE
> 350 Oil & Gas Index, which tracks 16 producers, fell 11 percent.
That *may be because the PPP is supporting stocks to make the market
look
normal and letting comodity prices seek an unassisted level, the
result the dollar
looks sounder than it is,
Phil scott
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Posted by jeflin on August 8, 2008, 11:25 am
>
>
>
> > Commodity Stock Decline `Insane,' JPMorgan's Henderson Says
>
> > By John Dawson and Brett Foley
> > Aug. 7 (Bloomberg) -- Mining and oil stocks offer
> > ``bargains'' for investors after a ``completely insane'' slump
> > in the past month, said Ian Henderson, who manages $7 billion in
> > natural-resource assets at JPMorgan Chase & Co.
> > ``This huge correction we have seen in the past four weeks
> > in resource companies really is completely irrational,''
> > Henderson, who has invested in natural-resource stocks for 30
> > years, said today in an interview with Bloomberg Television in
> > London. ``It's true we have something of a slowdown in the U.S.,
> > but the actual price moves themselves are completely insane.''
> > Oil and metals producers followed commodity prices lower on
> > concern that slowing global economic growth will curb demand.
> > Still, Xstrata Plc, the world's fourth-largest copper producer,
> > said yesterday prices will be supported by Asian demand and
> > supply disruptions.
> > It's ``astonishing'' that equity analysts are basing their
> > valuations on a long-term copper price of about $1.70 a pound
> > ($3,748 a metric ton) and oil at $65 a barrel, Henderson said.
> > Copper for delivery in three months on the London Metal Exchange
> > was at $7,698 a ton as of 12:33 p.m. and oil in New York was at
> > $120.80 a barrel.
> > The Bloomberg Metals & Mining Index, which tracks 13
> > companies, dropped 8.9 percent in the past month while the FTSE
> > 350 Oil & Gas Index, which tracks 16 producers, fell 11 percent.
>
> That *may be because the PPP is supporting stocks to make the market
> look
> normal and letting comodity prices seek an unassisted level, the
> result the dollar
> looks sounder than it is,
>
> Phil scott
Seriously, I don't think it is insane. It is coming back to a sane
level which reflects supply and demand fundamentals.
Hot money is rushing out the door, failure of Semgroup, charges levied
against Optiver, comments by Opec chief that oil will reach $70,
cooling off of tensions in Iran... add them all up, the price is
headed downwards.
http://jeflin.net
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Posted by d. on August 8, 2008, 2:37 pm
>>
>>
>>
>> > Commodity Stock Decline `Insane,' JPMorgan's Henderson Says
>>
>> > By John Dawson and Brett Foley
>> > Aug. 7 (Bloomberg) -- Mining and oil stocks offer
>> > ``bargains'' for investors after a ``completely insane'' slump
>> > in the past month, said Ian Henderson, who manages $7 billion in
>> > natural-resource assets at JPMorgan Chase & Co.
>> > ``This huge correction we have seen in the past four weeks
>> > in resource companies really is completely irrational,''
>> > Henderson, who has invested in natural-resource stocks for 30
>> > years, said today in an interview with Bloomberg Television in
>> > London. ``It's true we have something of a slowdown in the U.S.,
>> > but the actual price moves themselves are completely insane.''
>> > Oil and metals producers followed commodity prices lower on
>> > concern that slowing global economic growth will curb demand.
>> > Still, Xstrata Plc, the world's fourth-largest copper producer,
>> > said yesterday prices will be supported by Asian demand and
>> > supply disruptions.
>> > It's ``astonishing'' that equity analysts are basing their
>> > valuations on a long-term copper price of about $1.70 a pound
>> > ($3,748 a metric ton) and oil at $65 a barrel, Henderson said.
>> > Copper for delivery in three months on the London Metal Exchange
>> > was at $7,698 a ton as of 12:33 p.m. and oil in New York was at
>> > $120.80 a barrel.
>> > The Bloomberg Metals & Mining Index, which tracks 13
>> > companies, dropped 8.9 percent in the past month while the FTSE
>> > 350 Oil & Gas Index, which tracks 16 producers, fell 11 percent.
>>
>> That *may be because the PPP is supporting stocks to make the market
>> look
>> normal and letting comodity prices seek an unassisted level, the
>> result the dollar
>> looks sounder than it is,
>>
>> Phil scott
>
>Seriously, I don't think it is insane. It is coming back to a sane
>level which reflects supply and demand fundamentals.
>
>Hot money is rushing out the door, failure of Semgroup, charges levied
>against Optiver, comments by Opec chief that oil will reach $70,
>cooling off of tensions in Iran... add them all up, the price is
>headed downwards.
>
>http://jeflin.net
Oil to $55, or whatever level OPEC thinks is necessary to kill
alternative energy. Some folks like to say they can't because they
don't have enough oil left, I say just hide and watch.
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